[Front Cover]
[Close-up image of electric light bulb filament]

CENTRAL AND SOUTH WEST CORPORATION
SUMMARY ANNUAL REPORT 1999





staying
power

<PAGE>
[Front inside Cover]



Central and South West Corporation
Incorporated in Delaware in 1925


Central and South West Corporation is an investor-owned electric utility holding
company based in Dallas,  Texas. CSW owns four electric  utilities in the United
States:  Central Power and Light Company,  Public  Service  Company of Oklahoma,
Southwestern  Electric  Power Company and West Texas  Utilities  Company.  These
companies serve 1.8 million  customers in an area covering  152,000 square miles
of Texas,  Oklahoma,  Louisiana  and Arkansas.  CSW also owns a regional  energy
company in the United Kingdom, SEEBOARD plc, which serves 2 million customers in
South East England. CSW engages in international energy,  telecommunications and
energy services  businesses through its nonutility  subsidiaries,  primarily CSW
International,  Inc., C3 Communications,  Inc., and CSW Energy, Inc. On December
22,  1997,  Central  and South West  Corporation  and  American  Electric  Power
Company,   Inc.,   announced  a  definitive  merger  agreement  for  a  tax-free
stock-for-stock  transaction.  On December 16, 1999, CSW and AEP mutually agreed
to amend the merger agreement to extend its term until June 30, 2000.


<PAGE>

Highlights

FINANCIAL DATA IN MILLIONS
For the years ended December 31,                 1999     1998
----------------------------------------------------------------
Operating Revenues                             $5,537   $5,482
U.S. Electric Fuel and Purchased Power          1,333    1,301
United Kingdom Cost of Sales                    1,133    1,204
Other Operating Expenses                        1,808    1,719
Taxes                                             397      392
----------------------------------------------------------------
Operating Income                                  866      866
Other Income                                       59       42
Interest and Other Charges                       (456)    (468)
Extraordinary Item                                (14)      -
----------------------------------------------------------------
Net Income for Common Stock                    $  455   $  440
================================================================

COMMON STOCK DATA AND DIVIDENDS
At December 31,                                  1999     1998
----------------------------------------------------------------
Basic and Diluted Earnings per Share             $2.14    $2.07
Dividends per Share                              $1.74    $1.74
Book Value per Share                            $17.32   $17.04
Average Common Shares Outstanding (millions)     212.6    212.4
Return on Average Common Equity                  12.8%    12.4%
Dividend Yield                                    8.7%     6.3%
Dividend Payout Ratio                              81%      84%
Year-End Market Price                             $20  $27 7/16
================================================================

QUARTERLY RESULTS
                                      Closing Market   Dividends
                                          Price
                                       High     Low      Paid
----------------------------------------------------------------
1999
First Quarter                        $28      $23 7/16   $0.435
Second Quarter                        26 3/16  23 5/16    0.435
Third Quarter                         23 1/2   20 7/8     0.435
Fourth Quarter                        22 1/2   19 9/16    0.435
----------------------------------------------------------------
                                                         $1.74
                                                       =========

1998
First Quarter                        $27 13/16 $26 1/4   $0.435
Second Quarter                        27 5/8    25 5/8    0.435
Third Quarter                         28 3/4    25 1/4    0.435
Fourth Quarter                        30 1/16   27 3/8    0.435
----------------------------------------------------------------
                                                         $1.74
                                                       =========
Copies of  Central  and South West  Corporation's  1999  consolidated  financial
statements  may be obtained  by calling  our  Investor  Services  Department  at
1-800-527-5797.


                                                                               1
<PAGE>


Letter to Our Shareholders





I am pleased to report  that 1999 was a very  successful  year for  Central  and
South West Corporation.  It was marked by major  developments in three strategic
areas.

|X|Legislation to open the electric industry to greater  competition was enacted
   by the  states of Texas and  Arkansas,  which  joined  Oklahoma  and 20 other
   states  that have taken  similar  actions.  As a result,  we project  that 70
   percent of CSW's United States  electric  revenues will face  competition  by
   2002.

|X|Our merger with  American  Electric  Power  Company  reached  many  important
   milestones.  It  received  approvals  from all  four  states  served  by CSW,
   conditional  approval  from the  Federal  Energy  Regulatory  Commission  and
   antitrust  clearance  from  the  Department  of  Justice.  We now  anticipate
   receiving all remaining  regulatory  approvals  needed to close the merger in
   the second quarter of 2000.

|X|CSW's earnings per share  increased 3.4 percent in 1999 to $2.14.  CSW Energy
   was a major  contributor  to this  improvement in earnings as a result of the
   sale  of a 50  percent  interest  in one of its  cogeneration  projects.  The
   after-tax  effect  of this  transaction  contributed  16  cents  a  share  to
   consolidated net income.

These   developments  and   others--such  as  successfully   handling  the  many
technological  challenges for Year 2000--give us confidence in the staying power
of your investment. I believe the combination of CSW and American Electric Power
Company will increase the value of your investment.


2
<PAGE>



DECADE OF CHANGE
A decade  ago,  we began  streamlining  Central  and South  West to make it more
competitive. We flattened our organization, lowered our operating costs, updated
our  technological  systems and focused our employees on meeting our  customers'
needs.  We also  worked to expand the  corporation  through  major  mergers  and
acquisitions and to improve its total return through asset portfolio management.

During this period, we have achieved many impressive results in our U.S Electric
operations.  Our prices in all  customer  categories  compare  favorably  to our
competitors', with our residential prices down about 7.5 percent; our fuel costs
per Btu are  improved;  our recurring  U.S.  Electric  capital  spending and our
operations  and  maintenance  expense are well under  control;  and our electric
expense per  customer is about 20 percent  below the  regional  average.  All of
these improvements have been achieved while we reduced our U.S. employment by 18
percent.

These critical measures show how CSW has prepared for the changes now under way.
In  particular,  we  anticipated  a future of rapid  change and  structured  the
company to operate not only as a single integrated  electric system, but also as
a group of competitive lines of business. The confirmation of our vision came in
1999, when both the Texas  Legislature and the Arkansas  General Assembly passed
laws to restructure the electric utility industry in their states by 2002.


                                                                               3
<PAGE>



HOW THE NEW ELECTRIC BUSINESS WILL OPERATE
The new laws require vertically  integrated  electric utilities to be unbundled.


Electricity  is  to  be  provided  by  three  entities:  unregulated  generating
companies to produce the  electricity and to trade power and boiler fuels on the
wholesale market,  regulated  transmission and distribution companies to deliver
power  from  various   generators  to  customers'  homes  and  businesses,   and
competitive retail marketing  companies to sell the electricity to consumers and
act as their point of contact for service arrangements.

CSW  functionally is organized into these  activities  already;  therefore,  the
changes  should not be dramatic  for us.  Nevertheless,  a great deal of work is
involved in preparing filings with the state and federal regulatory commissions,
in deciding  out how best to divide the  business  and in  planning  competitive
strategies  for each of these three lines of business.  We also must explain the
changes to our customers and help them adapt to new ways of doing  business with
us and other electric service providers.

It is likely, too, that we will have to continue cutting costs to achieve higher
productivity in our organization.  We also will have to continually  improve our
work methods and to act faster in handling  opportunities  and risks.  These are
the same challenges faced by virtually all companies in deregulated  industries,
including natural gas, telecommunications, railroads and airlines.

For electricity  customers,  many choices will result. First,  consumers will be
able to select their retail electric  provider,  whether based on price, type of
energy source or the  availability of other bundled consumer  services,  such as
telecommunications,  Internet  service,  cable TV,  natural  gas  supply or home
security.  Second,  costs  will come down  because  of  legislative  mandate  or
competition. Third, innovative business models will evolve to benefit consumers,
in the same way that  Internet  retailers now are changing the way we buy books,
cars, clothes, stocks and just about everything else.


4
<PAGE>

[Close-up photo of turbine blades on a generator with the cutline: generation]


<PAGE>

[Bar charts: Return on Average Common Equity for 1995-99
Percent

1995     13.1%
1996     12.1%
1997      4.2%
1998     12.4%
1999     12.8%


 and Earning and
 Dividends per Share for 1995-99]

                       Reported
           Dividends   Earnings
1995         1.72        2.10
1996         1.74        2.07
1997         1.74        0.72
1998         1.74        2.07
1999         1.74        2.14


CSW also must make  critical  choices.  We must  choose  where to compete in the
future,  what energy services and products to sell and whether to form marketing
affiliations  with other  companies.  These are major  decisions  that go to the
heart of the company's long-term strategy.

MERGER EXPECTED TO PROVIDE SIZABLE BENEFITS
For a  company  like  CSW,  which  has been in this  business  for a long  time,
opportunities abound. Our company has low-cost power supplies, a large number of
customers and strong relationships in hundreds of communities. Whether competing
on cost, reliability of energy supply or the capability to satisfy future market
demands, CSW can meet the challenge and succeed.

Why,  then,  did CSW's board of directors  seek to merge with AEP? The answer is
staying  power.  The  primary  reason  is  to  achieve  the  size  necessary  to
successfully compete on price, service and innovation. During the past 10 years,
CSW has pursued numerous  opportunities to increase its size and strength.  This
combination of CSW with AEP will create the largest  generating company in North
America.  The  merged  company  will have  more  customers  than any other  U.S.
electric  utility.  It also will combine our vast  transmission and distribution
operations--stretching  from  Canada to  Mexico--to  serve 11 states,  including
Texas, the country's largest energy market. Just as important,  the new AEP will
have some of the most experienced managers in the electric industry.

A merger with AEP will yield the efficiency and earnings necessary to compete in
the future.  The new  company  will have a  formidable  regional,  national  and
international   presence,   an  expanded  growth  potential  and  new  strategic
strengths,  such as greater fuel diversity and more power-trading  capacity. The

6
<PAGE>

[Pie chart: 1999 Revenues, with percentages for U.S. Electric, U.K.
 Electric and Other]

U.S. Electric     64%
U.K. Electric     31%
Other              5%

greater size also will add to the financial strength of the merged company;  its
stronger   balance  sheet  will  offer  the   capability  to  undertake   larger
investments,  to attract  global  partners and to invest in ventures  that offer
higher  potential  returns.  Greater size, in short,  will  contribute to higher
long-term returns.

At the start of the merger, the two companies  initially estimated $2 billion in
merger savings through the elimination of duplicative costs. During the past two
years, CSW and AEP employees have devoted thousands of hours to finding the best
ways to operate the combined company in the most efficient  manner.  As a result
of these  efforts,  we now project that AEP will be able to achieve  significant
additional savings. In CSW's four states,  merger settlement agreements and rate
plans provide major price reductions for our retail electric customers. With the
closing of the merger,  I believe  these  merger  benefits  should be more fully
recognized and valued by the financial markets.

We have made great  strides  toward  satisfying  the  conditions to complete the
merger.  AEP and CSW have  received  many of the required  regulatory  approvals
needed  and are  expecting  a ruling  soon  from  the  Securities  and  Exchange
Commission.

To provide sufficient time to satisfy all the closing conditions,  the boards of
CSW and AEP have extended the term of the merger  agreement until June 30, 2000.
After that date,  either party may terminate the merger  agreement if the merger
has not closed.  The agreement  continues to provide that CSW shareholders  will
receive 0.6 a share of AEP common stock for each CSW common share at closing. We
also expect that CSW will continue paying its current quarterly dividend rate of
43.5  cents a share  until  the  merger  closes,  based  upon the  corporation's
financial results and the decisions of CSW's board of directors.


                                                                               7
<PAGE>

[Close-up photo of electrical socket plate with the cutline: transmission &
 distribution]


<PAGE>

RESULTS IN 1999
CSW's net income for common  stock was $455  million in 1999,  compared  to $440
million in 1998. Earnings per share increased 7 cents to $2.14.


The increase was primarily due to a one-time gain from the sale of half of CSW's
equity ownership  interest in Sweeny  Cogeneration  Limited  Partnership.  CSW's
after-tax earnings from the proceeds of the sale were $33 million, or 16 cents a
share.

Earnings for 1999 adjusted for nonrecurring  factors  decreased to $1.98 a share
from $2.15 a share in 1998.  Earnings  from our U.S.  Electric  operations  were
lower, mainly due to higher operations and maintenance expenses, which decreased
earnings  19 cents a share.  Adding  to O&M  expenses  was a  settlement  with a
transmission service provider, higher tree-trimming costs, an adjustment to FERC
transmission  rates and  additional  power plant costs.  Earnings  from our U.K.
Electric  operations improved 2 cents a share above those for 1998. The increase
was  primarily due to lower energy  purchase  costs.  Earnings from  Diversified
Electric  operations  were  4  cents  above  those  of  1998,  primarily  due to
contributions from several CSW Energy plants.

ELECTRIC OPERATIONS DURING 1999
Our total  U.S.  electric  sales for 1999 were 66.8  billion  kilowatt-hours,  a
decline of less than 1 percent below 1998 sales. Summer weather in the Southwest
during 1999 returned to normal  compared with the summer of 1998,  which was one
of the hottest on record.  Our total domestic  retail electric sales declined by
1.5 percent,  from 58.7 billion  kilowatt-hours to 57.8 billion  kilowatt-hours.
Sales for resale increased by 8.4 percent to 9.0 billion kilowatt-hours.

Our  electric  operations  encountered  no  problems  related  to the Year  2000
computer programming issue. CSW began an extensive program in early 1996 to test
all major  systems  and to  correct  any  date-related  problems.  We  conducted
extensive  internal tests,  checked services from our suppliers and participated
in a number of national  industry-readiness  drills.  This  extensive  effort to
assure reliable  operations cost  approximately $33 million during the past four
years, including $21 million in 1999.


                                                                               9
<PAGE>

In the fourth quarter of 1999, the gas and  electricity  regulator in the United
Kingdom cut the allowed prices of U.K. electricity distributors, including CSW's
SEEBOARD plc unit.  Although the new prices did not affect 1999  earnings,  they
are expected to lower our U.K.  Electric  earnings by $40 million in 2000 and by
$60 million in 2001.  As part of our merger with AEP, we have sought  government
approval for the common ownership of SEEBOARD and Yorkshire  Electricity  Group,
in which  AEP owns a 50  percent  interest.  The U.K.  Department  of Trade  and
Industry has approved this change,  subject to certain  conditions that restrict
joint operation of the U.K. interests.

CHANGING FROM REGULATION TO COMPETITION
In evolving from a regulated to a competitive  industry in the U.S., many larger
utilities face the issue of recovering  "stranded  costs." These are investments
that were made prudently to serve  customers but no longer will be  economically
competitive in a restructured marketplace. The Texas Legislature included in the
state's restructuring law provisions for utilities to recover reasonable amounts
for their stranded investments.

Securitization is a financial  mechanism for charging customers for these costs.
Essentially, new bonds are sold to refinance a portion of the debt and equity of
facilities built under a regulated market structure.  Securitization  allows the
costs  that  customers  are  currently  paying  for these  assets to be paid off
sooner, resulting in lower customer prices in the future than otherwise would be
possible.

In October,  CSW's  Central Power and Light  Company  subsidiary  filed with the
Public Utility Commission of Texas for permission to securitize $1.27 billion of
stranded  investment  related to regulatory  assets. In February 2000, the Texas
PUC approved a settlement  allowing CPL to securitize $764 million of regulatory
assets and to recover much of the remaining  cost in the future.  CPL expects to
issue bonds before the end of 2000, depending on the timing of receiving a final
nonappealable  financing order from the commission and on market  conditions.  A
second phase of the  securitization  process will occur in 2001.  CPL's stranded
costs are  subject  to a final  review  by the Texas PUC in 2004.  The other CSW
operating companies do not have any stranded investments.


10
<PAGE>

[Close-up photo of electric range Calrod heating coil with cutline:
 retail marketing]


<PAGE>

[Head-and-shoulders photo with cutline: E.R. Brooks, Chairman and Chief
 Executive Officer]

In January  2000,  CSW filed with the Texas PUC a plan to unbundle the company's
electric utility services into three entities, as required under the state's new
electric utility restructuring law. CSW's plan proposes a separation to ensure a
smooth  transition for our customers  while  providing a  cost-effective  way to
divide the energy  delivery,  power  generation and retail  business  functions.
Based on the experience of utilities in other states, we estimate that the total
cost to restructure the entire CSW system to implement  retail  competition will
range from $100 million to $200 million.

STAYING POWER FOR THE FUTURE
For 75 years,  Central and South West has  demonstrated  enormous staying power.
Its operating  companies were among the  fastest-growing  businesses  during the
early part of this  century as they  electrified  the  expanding  economy of the
Southwest.  Later, CSW was one of the few holding  companies with the managerial
strength to weather the terrible  financial collapse of the Great Depression and
to remain intact after Congress passed the Public Utility Holding Company Act of
1935--which was a virtual death sentence for most utility  holding  companies of
that era.

During  the  years  of  war  and  peace  that  followed,  our  employees  worked
tirelessly.  They  contributed in many ways to the growth and welfare of the 735
communities we now serve while they earned attractive  returns for the investors
who placed their confidence in CSW. As the Southwest grew during the second half
of the 20th century,  CSW's electric  companies were there to generate the power
needed for a new industrial economy and the energy to make life in the Southwest
more comfortable. The company's continuing record of financial,  operational and
civic   achievements   has  made  it  an  industry   leader  in  developing  new
opportunities in the U.S. and other countries.

Now, we look forward to the future and to  continuing  the staying  power of our
business.  To succeed in the  electricity  business of the future,  we believe a


12
<PAGE>

company must  possess the size and  strength to compete and to  innovate.  As an
integral part of the new American  Electric Power  Company,  the CSW system will
contribute  to that  necessary  size and  strength by helping AEP to grow in new
markets  such  as  power  trading,   wholesale   generation  and   international
investments.

To help lead the new AEP after  the  merger  closes,  Thomas V.  Shockley,  III,
president  and chief  operating  officer  of CSW,  will be  joining  AEP as vice
chairman and as a member of its board of  directors.  In addition,  four outside
CSW directors--Dr. Donald M. Carlton, William R. Howell, James L. Powell and Dr.
Richard L. Sandor--will be nominated for election to the AEP board.

I will be retiring as a company  officer with the  completion  of the merger but
will remain  active as a new  director of AEP. I look forward to  continuing  my
role as a steward of your investment and to safeguarding the trust placed in the
new company by its customers.  The coming years will bring  dramatic  changes to
this industry,  and I am confident that our company's shareholders and customers
alike will benefit from them.


E. R. Brooks
Chairman and Chief Executive Officer

March 15, 2000


                                                                              13
<PAGE>
Board of Directors and Corporate Officers


BOARD OF DIRECTORS

Molly Shi Boren
Attorney
Norman, Oklahoma

E. R. Brooks
Chairman and Chief Executive Officer
Central and South West Corporation
Dallas, Texas

Donald M. Carlton, Ph.D.
Retired President and
Chief Executive Officer
Radian International LLC
Austin, Texas

T. J. Ellis, CBE
Chairman and Chief Executive
SEEBOARD plc
Crawley, West Sussex, United Kingdom

Joe H. Foy
Retired Partner
Bracewell and Patterson
Kerrville, Texas

William R. Howell
Chairman Emeritus
J. C. Penney Company, Inc.
Dallas, Texas

Robert W. Lawless, Ph.D.
President
The University of Tulsa
Tulsa, Oklahoma

James L. Powell
Ranching and Investments
Fort McKavett, Texas

Richard L. Sandor, Ph.D.
Chairman and Chief Executive Officer
Environmental Financial Products Limited
Chicago, Illinois

Thomas V. Shockley, III
President and Chief Operating Officer
Central and South West Corporation
Dallas, Texas

OFFICERS

E. R. Brooks
Chairman and Chief Executive Officer

Thomas V. Shockley, III
President and Chief Operating Officer

Ferd. C. Meyer, Jr.
Executive Vice President and General Counsel

Glenn D. Rosilier
Executive Vice President and Chief Financial Officer

Glenn Files
Senior Vice President, Electric Operations

Thomas M. Hagan
Senior Vice President, External Affairs

Venita McCellon-Allen
Senior Vice President, Customer Relations
and Corporate Development,
and Assistant Corporate Secretary

Stephen J. McDonnell
Vice President, AEP Merger

Kenneth C. Raney, Jr.
Vice President, Associate General Counsel
and Corporate Secretary

Michael D. Smith
Vice President, Business Opportunities

Lawrence B. Connors
Controller

Wendy G. Hargus
Treasurer


COMMITTEES OF THE BOARD OF DIRECTORS
1. The Audit  Committee  recommends  to the board of directors  the  independent
public accountants to be appointed,  subject to shareholder approval.  The Audit
Committee reviews with the independent  public accountants and the corporation's
internal auditors the scope of external and internal audits and the adequacy of,
and the  compliance  with,  the  corporation's  system  of  internal  accounting
controls.

2. The Executive Compensation Committee reviews benefit programs and
management-succession programs and determines the compensation of executive
officers.

3. The Nominating Committee reviews and recommends candidates for election to
the board of directors.

4. The  Policy  Committee  reviews  and  makes  recommendations  to the board of
directors  concerning  major policy issues;  considers on a continuing basis the
composition,  structure  and  functions  of  the  board  of  directors  and  its
committees;  and reviews existing corporate policies and recommends changes when
appropriate.  The Policy Committee has authority to act in place of the board of
directors when the board is not in session, to the extent permitted by law.

The membership of these committees is as follows: Molly Shi Boren (1) (2); E. R.
Brooks,  chairman of the Policy Committee (4); Donald M. Carlton (1) (3); Joe H.
Foy, chairman of the Executive Compensation Committee (2) (4); William R. Howell
(2) (3);  Robert W. Lawless,  chairman of the Audit  Committee (1) (4); James L.
Powell,  chairman of the Nominating Committee (3) (4); and Richard L. Sandor (1)
(2).


14
<PAGE>


Shareholder Information

COMMON STOCK LISTING
Central and South West  Corporation's  common  stock is traded  under the ticker
symbol CSR and is listed on the New York and the Chicago  stock  exchanges.  You
can find  stock  quotations  from  the New York  Stock  Exchange  in most  daily
newspapers.

COMMON STOCK DIVIDENDS
Dividends of 43.5 cents a share were paid in each quarter of 1999. All dividends
paid by the corporation  represent  taxable income to  shareholders  for federal
income tax  purposes.  In January  2000,  the  corporation's  board of directors
maintained the quarterly  dividend rate of 43.5 cents a share.  CSW  anticipates
continuing  its  current  dividend  policy  until the close of its  merger  with
American Electric Power Company and paying a second-quarter  dividend in 2000 to
shareholders of record on or about May 5, 2000,  unless the merger closes before
that date.  Future cash  dividends  will be determined by the board of directors
and  based  upon the  corporation's  earnings,  financial  condition  and  other
factors.

LOST DIVIDEND CHECK OR STOCK CERTIFICATE
If you do not receive your dividend check or stock certificate,  or if either is
lost,  destroyed  or stolen,  please  contact our Investor  Services  Department
immediately.

STOCK TRANSFER
Central and South West  Services,  Inc., is the transfer agent and registrar for
Central and South West  Corporation's  common stock and for the preferred stocks
of the corporation's subsidiaries. To transfer your stock to another name, write
the  new  name,  address  and  tax  identification  number  on the  back  of the
certificate  and sign your name  exactly as it  appears on the front.  Then have
your  signature  Medallion-guaranteed  by  a  commercial  bank  or  stockbroker.
Signatures  cannot  be  Medallion-guaranteed  by a  notary  public.  Your  stock
certificates should be sent to our Investor Services Department by registered or
certified mail. If you have questions  about  transferring  your shares,  please
contact our Investor Services Department.

TAXPAYER ID NUMBER
Federal  law  requires  each  shareholder  to provide a taxpayer  identification
number for all shareholder accounts. For individual shareholders, your ID number
is your Social Security  number.  You must provide your ID number when opening a
new account in our stock,  even if you already own stock in existing accounts in
your name. If you do not provide the ID number,  the  corporation is required to
withhold 31 percent from your dividends payable to the Internal Revenue Service.
If your stock is registered in a joint  account,  it is important to tell us the
taxpayer ID number of the primary owner you designate.  If you are custodian for
a minor or act as a trustee on an account, please provide the beneficial owner's
tax  identification  number.  This will ensure that your  dividends are reported
under the  correct  name,  address and  taxpayer ID number.  If you have not yet
given  us  your  taxpayer  ID  number,  please  contact  our  Investor  Services
Department to request a W-9 form. Complete,  sign and return the form as soon as
possible.

DIRECT DEPOSIT OF DIVIDENDS
We are pleased to offer direct  deposit of dividend  payments to your  checking,
savings or credit union account at any financial institution that accepts direct
electronic  deposits.  Direct deposit  eliminates the  possibility of your check
being lost or stolen, and the funds are credited to your account on the dividend
payment date. If you would like an enrollment card,  please contact our Investor
Services Department.

PROXY AND DIVIDEND MAILINGS
Duplicate  mailings of proxies and dividend  checks cannot be eliminated  unless
the  registration  is the same name for all of your  accounts.  If your  account
registrations are identical,  notify our Investor  Services  Department that you
want to combine your accounts.  If your account  registrations are different and
you want to combine your accounts,  all  certificates  must be issued in the one
registration you prefer. To have your certificates  reissued,  please follow the
instructions under Stock Transfer.

ADDITIONAL INFORMATION
We will be pleased to send you additional  copies of this Summary Annual Report.
Also  available  are the 1999  Financial  Report that  accompanies  this Summary
Annual  Report,  CSW's 1999 Annual Report on Form 10-K, a preliminary  quarterly
financial  report, a Five-Year  Financial and Statistical  Review of the Central
and South West  System and our latest  Environmental  Report of the  Central and
South West System.

Central and South West Corporation is subject to the informational and reporting
requirements of the Securities  Exchange Act of 1934 and files reports and other
information  statements  with the  Securities  and  Exchange  Commission.  These
reports may be inspected at the SEC's  offices and on its Internet  site as well
as at the New York and Chicago stock exchanges.  We will provide copies of these
reports without charge to any Central and South West  shareholder.  If you would
like to receive a report, please contact our Investor Services Department.

INSTRUCTIONS FOR EXCHANGING CSW SHARES FOR AEP SHARES
Central and South West  Corporation  expects that all  approvals for closing its
merger with  American  Electric  Power  Company,  Inc.,  will be obtained in the
second quarter of 2000. Near the close of the merger,  we will mail instructions
and forms for exchanging your CSW shares for AEP shares.


                                                                              15
<PAGE>

INVESTOR SERVICES
Our Investor Services staff is available Monday through Friday from 9 a.m. to
4 p.m. central time to answer your questions. Our address and telephone numbers
are:

Central and South West Corporation
Investor Services Department
P. O. Box 660164
Dallas, Texas 75266-0164
1-800-527-5797
E-mail: invest@csw.com

INVESTOR RELATIONS
Security analysts should contact:
Becky Hall
Director of Investor Relations
Central and South West Corporation
214-777-1277

If you would like to be added to our mailing  list to receive our news  releases
and other information, please contact our Investor Services Department.







Certain  matters  discussed in this summary  annual  report are  forward-looking
statements intended to qualify for the safe harbor from liability established by
the Private  Securities  Litigation  Reform Act of 1995.  These  forward-looking
statements  can  generally  be  identified  as such  because  the context of the
statement will include words such as CSW "believes," "anticipates" or "expects,"
or words of similar  import.  Similarly,  statements  that describe CSW's future
plans, objectives and goals also are forward-looking statements. Such statements
address future events and conditions concerning capital expenditures,  earnings,
litigation,  rate and other regulatory matters, liquidity and capital resources,
and accounting  matters.  Actual results in each case may differ materially from
those  currently  anticipated in such  statements,  by reason of factors such as
effects of state and  federal  regulatory  approvals  or  proceedings  and other
conditions  precedent to the proposed  merger with AEP,  which may or may not be
satisfied; electric utility industry restructuring,  including ongoing state and
federal  legislative  and regulatory  activities;  future  economic  conditions;
developments  in the  domestic  and  international  markets in which CSW and its
subsidiaries  operate;  and other circumstances  affecting  anticipated business
activities, revenues and costs.


(C)2000 by Central and South West Corporation. All rights reserved.
American Electric Power(R)is a registered trademark of American Electric Power
Company, Inc.

Design: Walsh Associates  Photography: Jim Reisch; Stuart Simons/Photonica
Printed on recycled paper

16
<PAGE>
[inside back cover]

The CSW System

[Map of the states of Texas,  Oklahoma,  Louisiana  and  Arkansas  with  colored
overlays of the four CSW U.S. Electric  operating  companies' service areas, the
corporate  and operating  companies'  headquarters  cities,  major cities in the
service areas, CSW system power plants and major transmission  lines; an outline
map of the  United  Kingdom  with an  overlay  showing  the trade  territory  of
SEEBOARD plc and its headquarters city]



<PAGE>


[Back cover]
CENTRAL AND SOUTH WEST CORPORATION
1616 Woodall Rodgers Freeway
P.O. Box 660164
Dallas, Texas  75266-0164
www.csw.com




[Picture of cover of Central and South West System 1999 Environmental Report]





To receive the latest Environmental Report of the Central and South West System,
please call our Investor Services Department at 1-800-527-5797 or send an e-mail
to invest@csw.com.





                                                               Printed in U.S.A.
                                                                     CSWAR99 160